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Forex Tips By Peter Bain1. Initially set a goal of 20 pips a day2. Use MACD: divergence; otherwise, it justconfirms the trend.3. 20-30 pip stop losses – but on the other sideof event that caused you to take action. 4. Specialize in one currency pair. I love the Euro5. Keep a log.6. Sit on your hands unless you “SEE” somethingconcrete to do.7. Don't scalp. Ride the trend! Currencies trend well.8. Calculate Pivots at midnight ET.9. Don’t buy too soon in a downtrend; don’t sell too soonin an uptrend; currencies trend well.10. Average trading range (ATR) usually fulfilledstarting at 3 am ET.11. Forget trading retracements when you catch the main trend.12. Four things to watch out for … to be discussed later.13. Single versus multiple lots.14. NO MAN’S LAND – except where you see ironcladsignals like bar/candle/chart patterns, multiple bottom/top,MACD divergence, trendline break.15. You don’t need to draw pivot points. If you do, they don’thave to be exact.16. Green lights.17. Learn, paper trade, demo, live.18. Look at lower-level chart when price is at apivot point and moving fast.19. Automated systems kick in at pivot points; therefore,lots of follow-through.20. Shades of gray. Trading is not a science.21. M1/M3 and M2/M4 – like early warning radar, but not castin stone; S can become R, and R can become S.22. Buying below the central pivot point and selling above thecentral pivot point can be influenced by signals likebar/candle/chart patterns, multiple bottom/top, MACDdivergence, trendline break.23. If bias is to be short, think short – not long; if bias isto be long, think long; go one way or the other, but not both.Try hedging.24. Use standard default settings for indicators. 25. Do not trade holidays, Mondays, month-end, quarter-end,year-end.26. Repeat after me, “The trend is your friend.”If the trendline holds, buy the dips in an uptrend, and sellthe rallies in a downtrend. Currencies trend WELL! In anuptrend, don’t look to go short; in a downtrend, don’t look togo long.27. No volume figures; but, a very liquid market.28. Take your signals off higher-level charts, unless yousee something concrete at the lower level. Remember,the five minute chart is your ‘trim tab.’ It is not to beused for scalping! Use the 5 min to spot price reversalsituations, where price is on a tear, and/or where price ismoving quickly in and around a pivot point. You won’t knowwhat hit you on the 15 min in such situations.29. Any one indicator like a hammer or spinning topmay not be enough ammo to pull the trigger. Look aroundfor more evidence of an impending shift in price direction.
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